EU to scrap tariffs on US goods

BRUSSELS: The European Commission proposed on Thursday removing tariffs on imported US industrial goods, part of a trade agreement with the United States that should result in retroactive cuts to US tariffs on European cars.

The proposals are the first EU step in enacting the framework agreement between US President Donald Trump and Commission President Ursula von der Leyen on July 27, which saw the EU accept a broad 15% tariff to avoid a damaging trade war.

The United States has agreed to reduce its tariffs on cars built in the European Union to 15% from 27.5% from the first day of the month in which the EU’s legislative proposal was presented - meaning from August 1.